Exhibit
10.3


 


	COMMUNITY BANK	 	 
	Partnership Banking°	 	 


   


CHANGE
IN TERMS AGREEMENT


 


	
        Principal

        $100,000.00
	
        Loan Date

        07-13-2018
	
        Maturity

        08-01-2019
	
        Loan No

        7101066
	Call / Coll	
        Account

        600714
	Officer	Initials
	
        References in the boxes above are for Lender's use
        only and do not limit the applicability of this document to any particular loan o item.

        Any item above containing "*"
        has been omitted due to text length limitations.,



 


	Borrower:	EACO CORPORATION	Lender:	COMMUNITY BANK
	 	1500 N. LAKEVIEW AVENUE	 	ANAHEIM BRANCH
	 	ANAHEIM, CA 92807	 	2300 EAST KATELLA AVENUE, SUITE 125
	 	 	 	ANAHEIM, CA 92806
	 	 	 	(800) 788-9999


 


 



  


	Principal Amount: $100,000.00	Date of Agreement: July 13, 2018


 


DESCRIPTION OF EXISTING INDEBTEDNESS.
A line of credit evidenced by a Promissory Note dated July 12, 2016 in the original principal amount of $100,000.00, with all
renewals, modifications, and substitutions including but not limited to all Change in Terms Agreements ("Note").


 


The Note and all renewals, extensions,
modifications refinancings and substitutions are subject to the terms and conditions of that certain Business Loan Agreement dated
July 12, 2016, executed by and between Borrower and Lender, together with all amendments and addendums thereto ("Loan Agreement").


 


DESCRIPTION OF COLLATERAL. A security
interest in a Certificate of Deposit as more particularly described in that certain Assignment of Deposit Account dated July 12,
2016, executed by Bisco Industries, Inc., as Grantor, in favor of Lender ("Security Agreement").


 


DESCRIPTION OF CHANGE IN TERMS. Upon
the Lender's receipt of this executed document and the receipt of fees and charges as described in the Disbursement Request and
Authorization, the Note, Loan Agreement and related documents are hereby modified as follows:


 


The date on which all outstanding principal
is due and payable (together with any accrued but unpaid interest) (the "Maturity Date") is hereby extended from July
1, 2018 to August 1, 2019. Notwithstanding the extension of the Maturity Date, Borrower shall make regular monthly payments
of all accrued unpaid interest until the Maturity Date as extended above.


 


CONTINUING VALIDITY. Except as expressly
changed by this Agreement, the terms of the original obligation or obligations, including all agreements evidenced or securing
the obligation(s), remain unchanged and in full force and effect. Consent by Lender to this Agreement does not waive Lender's right
to strict performance of the obligation(s) as changed, nor obligate Lender to make any future change in terms. Nothing in this
Agreement will constitute a satisfaction of the obligation(s). It is the intention of Lender to retain as liable parties all makers
and endorsers of the original obligation(s), including accommodation parties, unless a party is expressly released by Lender in
writing. Any maker or endorser, including accommodation makers, will not be released by virtue of this Agreement. If any person
who signed the original obligation does not sign this Agreement below, then all persons signing below acknowledge that this Agreement
is given conditionally, based on the representation to Lender that the non-signing party consents to the changes and provisions
of this Agreement or otherwise will not be released by it. This waiver applies not only to any initial extension, modification
or release, but also to all such subsequent actions.


 


COUNTERPARTS. This agreement, document
or instrument may be executed in any number of counterparts and by different parties on separate counterparts, each of which when
executed and delivered, shall be deemed to be an original and all of which taken together shall constitute one and the same agreement,
document or instrument. Delivery by facsimile or by electronic transmission in portable document format (PDF) of an executed counterpart
of this agreement, document or instrument is as effective as delivery of an originally executed counterpart of this agreement,
document or instrument.


 


PRIOR TO SIGNING THIS AGREEMENT, BORROWER
READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS AGREEMENT. BORROWER AGREES TO THE TERMS OF THE AGREEMENT.


 


BORROWER:


 


EACO CORPORATION


 


	By:   	/S/
    GLEN F. CEILEY	 
	 	GLEN F. CEILEY, CEO/CFO/SECRETARY of EACO	 
	 	CORPORATION	 


 


 



 


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